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It's not that dense, is it? Pierse are screwed at least in part because they had to write off €16M Gannon Holmes owed but couldn't pay. Hence, it's reasonable to believe that Gannon, one of Sporting Fingal's main sources of revenue, may be quite a bit short of cash. Argue with that if you like, but sticking your fingers in your ears and saying 'LALALA NOT ABOUT SPORTING FINGAL' is just acting thick.
You are short of blaming Sporting Fingal for whats happened to Pierse. Now thats acting thick ;)
Fingal are as well supported as other clubs in Ireland, and as far as I know, don't have any absurdly long contracts with players. What's to stop them just allowing the current squad leave on frees, and signing cheaper players for next season if the investments dry up? There'd be no need for them to be in any worse of a financial situation than clubs with similar crowds, like UCD, Galway and Bray.
I wouldn't dare to suggest there was an ulterior motive at work from the Dundalk fan, but you have to question why he brought it up and just what relevance it has.Quote:
Originally Posted by John83
Yes, Gannon's company is in severe financial trouble. It has been for three years - this is not new information.
Is it reasonable to believe that Gannon is short of cash? Not really. He's probably worth no less than 50 million euro - the fact that his company is currently losing money has no bearing on his personal finances except to ensure they're not increasing at the same rate as before. The thing about limited companies is that the owners aren't on the hook for losses and tend not to throw money at them when they're going down the tubes.
That's not to say Gannon isn't looking to reduce his interest in the club - just to say the struggles of Pierse has nothing material to do with Fingal. We could post daily updates on Gannon's companies and others caught in their web of bad debts but it still wouldn't be relevant.
I read we have 8 players who are still contracted. These dont seem to be what would be considered our big earners from what I can make out. Now there might be one or two big enough earners there but obviously the ones we would expect to be on bigger wages, Kirby, Zayed, O neil to name a few seem to be out of contract. Now this is just what I can make out. Not really a lot of solid details floating about.Quote:
Originally Posted by peadar1987
As I said earlier. I dont mind who goes as long as we can keep to our budget. Im just hoping that 16 team prem comes in with no relegation to make up the 16. ;)
Fingal have 9 under contract for next year, including both keepers, Finn, Williams, McFaul, Maher & 3 others I can't think of now.
One of the 9 told me that...
Quote:
Originally Posted by Buile Shuibhne
There's a few mistakes in that report. The claims about the players he has named are incorrect. Also, Keelings have redeployed staff affected by the Tesco move. What he said is misleading. IMO
Ger O'Brien is definitely under contract next year, I would presume Conan Byrne is aswell.Quote:
Originally Posted by Dodge
Taken from the Evening Herald
Quote:
By Aidan Fitzmaurice
Thursday November 04 2010
SPORTING Fingal have admitted that they are carrying out a review of
their finances for next season but denied reports that players from
last season's squad have been axed.
Fingal had a successful season in 2010 as Liam Buckley's side, playing
in the Premier Division for the first time, qualified for Europe.
But the well-publicised financial difficulties of the club's major
backer, Gerry Gannon, who is currently part of the NAMA process, put a
question mark over their long-term survival, and the club admit that
they are assessing their plans.
"Sporting Fingal is currently undergoing a general review of its
budget for the 2011 season," the club said.
In keeping with prudent management and planning, and against the
backdrop of very difficult economic circumstances generally, an
assessment is currently being carried out of available and likely
funding, and the 2011 budget will be set based on this information.
"As with any club, sponsors play a vital role in the funding of Sporting Fingal.
"We have been most fortunate with the generosity and support of our
sponsors to date and we are currently in the process of seeking new
and additional sponsorships.
"Contrary to a reference made in a newspaper, out-of-contract players
have not been informed by the club that their deals will not be
renewed.
"Those squad members were told by manager Liam Buckley on Tuesday that
contracts will be discussed as and when the budget review is
complete," the club added.
The statements from the club are directly at odds with the optimism with their 2 fans here.
Let's wait for the review. That's all we can do.
Does anyone have any idea what the timeline of the fudging process, I mean licensing process is like for next season or is it gonna be as tight a timeframe as this season was?
So at the very best Sporting Franchise will have a much weakened squad for next season?
Just as a follow-on to this (which is spot on), is it Gerry Gannon or Gannon Homes that's in NAMA? (Genuine question cos I can't remember)Quote:
Originally Posted by Charlie Darwin
Ya i'd say thats the worst that will happen them. If they do have a weakened squad and possibly struggle next season i can see their crowds get even smaller at games. It's easy to support a team with very good players thats doing well but its when the going gets tough the real fans will stay around, which for Fingal i can't see too many people. Look at Kildare County in their first few seasons and what happened them as the years went on.Quote:
Originally Posted by Rasputin
Both.Quote:
Originally Posted by pineapple stu
Follow up to P Stu question does anybody know what vehicle was used for the Gannon funding to Sporting Fingal ? may well have been a company/ individual loan that is unaffected by NAMA process (although likely for tax purposes that it was paid through a company)Quote:
Originally Posted by OneRedArmy
RE Pierse, Gannon Homes deal accounted for 16 million of 200 million owed (although situation muddied by inter group loans) so it is hardly obvious that Gannon is "responsible" for the company collapse, although undoubtedly a contributory factor.
Thanks.
So basically, while the news of Pierse going into liquidation mayn't be entirely relevant to Fingal, Gannon's supposed personal wealth is also irrelevant; he has to reel in sports sponsorship and pay off NAMA himself as well?
There was a note included in the accounts of Gannon Homes in 2008 that "the loans are not only secured against company property and assets but also 'by the personal guarantee and indemnity' of Mr Gannon himself".Quote:
Originally Posted by pineapple stu
Yeah, although the 20 million contract the state just awarded him should help immensely. His wife has all the valuable assets and a few million in cash. Don't worry Gerry Gannon fans, his kids will inherit a lot of money.Quote:
Originally Posted by pineapple stu
Even if he were to declare bankruptcy tomorrow he'd still be a very wealthy man. As Dan O'Brien said on Vincent Browne last night - you have to be really rich to go bankrupt.
The question we are debating is whether Sporting Fingal will get any more of it.Quote:
Originally Posted by Charlie Darwin
Eh Bonnie (if you are refering to me). I think you may need to actually read what iv posted. Im not optomistic, actually im very worried. I just hope we do the right thing and stick to what ever budget we have. I will support this team no matter what happens. If that means we drop down the leagues then ill still be at the matches (probably on my own but ill be there). Im my case im hopefull rather than optimistic. Dont confuse the twoQuote:
Originally Posted by BonnieShels